Crypto miner Core_Scientific is expecting to emerge from bankruptcy by late September, a lawyer for the company said during a Monday bankruptcy hearing. LizKNapolitano reports
Core Scientific should “trim” its restructuring timeline by “at least [one] month,” the federal judge overseeing its bankruptcy said during a Monday hearing as creditors called for the insolvent crypto miner to fast-track its plans to emerge from Chapter 11 bankruptcy.
The firm’s creditors have quibbled for months over Core Scientific’s bankruptcy proceedings. The proceedings, which began in December 2022, were slated to last just six months but appear poised to drag on for the better part of a year – a fact that has ruffled some feathers among the firm’s long list of creditors.
Core Scientific’s counsel, however, argued it required more time to sketch out a business plan to adapt to the shifting realities of a volatile crypto mining landscape that has seen bitcoin prices and hash rates rise as electricity prices fall.
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